                                 CODE OF VIRGINIA

SALE OF CERTIFICATES OF INVESTMENT BY CERTAIN ASSOCIATIONS PROHIBITED (§
6.2-1406)

A. An association that had no certificates of investment issued and outstanding
on January 1, 1959, may not sell certificates of investment.

B. An association that had certificates of investment issued and outstanding on
January 1, 1959, may sell certificates of investment upon either the fully paid
or partial payment system. Any such association that did not obtain insurance of
its liability for such certificates, through either a state or federal agency,
up to the limits of insurance provided thereby prior to July 1, 1975, shall not
sell such certificates after such date.

HISTORY: Code 1950, § 6-255; 1960, c. 63; 1966, c. 584, §§ 6.1-229, 6.1-231;
1974, c. 176; 2010, c. 794.